ATOM

Automotive Workshop Modernisation

Currently, there are few policies or regulations governing the automotive workshops in Malaysia. Without regulations, there are large variations in the quality and service levels provided in this sector.

There is also a perception of a lack of transparency in the services the workshops provide and in the charges they levy on customers. And as there is no structure governing the skill levels of the mechanics or technicians, there is also a variation in skill levels. As such, the ability of this sector to absorb and assimilate the latest technological advancements is limited. With the large number of Malaysian vehicles (13.7 million) and its owners spending an estimated RM10 billion on maintenance every year on their vehicles, there is a significant demand for automotive workshops. Workshops that provide better service quality, coupled with transparency of charges, could encourage higher spending by vehicle owners through, for instance, more regular servicing, purchase of premium service packages and sales of peripherals.

Insurance: Borrower(s) is/are compelled to be insured with Takaful Insurance protection with a Takaful Company appointed by KSMB to protect the Borrower and the Borrower’s interest towards the loan.

Legal Fees: Stamp fees, solicitor’s fee, security documentation charges and disbursement shall be borne by the Borrower(s) which is included in the facility amount.

Ownership of Business: The Borrower(s) shall be the official owner of the business operating in the said premise and shall not close, sell, lease, transfer or enter into any form of transaction to change the ownership of the business to others after participating in this programme.